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Session 6: Household Wealth and the Savings Rate
The session will focus on the latest research from the Federal Reserve’s 2004 Survey of Consumer Finances.What do the data show are the latest findings on how savings and wealth accumulation are distributed by income class? Are middle income people saving and accumulating enough wealth for their retirement? What are the links between wealth accumulation and economic and financial literacy? For more on these and other topics, please join us.
Sponsor: Financial Roundtable
Presentations
Karen Pence: Household wealth: the microdrama within the macro trends
Annamaria Lusardi: Worker's Financial Security: The Importance of Financial Literacy and Planning
Links of Interest
Annamaria Lusardi's home page at Dartmouth
Federal Reserve Board Economic Research and Data
Speakers
Kathleen Camilli
President
Camilli Economics
Kathleen Camilli is one of the nation's top economic forecasters and independent economists. Her firm, Camilli Economics, provides clients, including investment organizations, corporations, high net worth individuals and family offices, with "real world" economic guidance for smart business and financial decisions. Building on her more than two decades of accomplished private and public sector experience, Ms. Camilli provides "on target" analysis on the workings of the U.S. economy and financial markets. Armed with a solid foundation of global macro/micro economic perspectives, she offers unique insight into complex issues and translates those into understandable, actionable ideas.
Known for her consistently accurate forecasting, Kathleen Camilli is one of the leading economists in the country today and has received top ranking from objective performance raters, including The Wall Street Journal, who named her one of the top five economic forecasters two years in a row; Business Week, who named her the number one performing forecaster, and Institutional Investor.
Before founding Camilli Economics in 2004, Ms. Camilli was the U.S. Economist at Credit Suisse Asset Management (CSAM) in New York where she provided insight on the U.S. economy to the firm's investment process overseeing $312 billion in fixed income and equity assets globally. Before joining CSAM, she was Tucker Anthony's Director of Economic Research for six years. During her career, she has worked as a money market economist at Drexel Burnham Lambert, and as a Fed-watcher at Chase Manhattan Bank. She began her career at the Federal Reserve Bank of New York where she trained as a practicing economist and was responsible for forecasting reserves for the Open Market Desk.
Kathleen Camilli received B.A. degrees in both Economics and French from Douglass College, Rutgers University. She studied at Universite de Laval, Quebec, Canada and Universite de Paris III, VII, France. She earned an M.B.A. in Finance and an M.A. in French Studies from New York University.
A frequent commentator, author and speaker, Kathleen Camilli is well known as a strong communicator and translator of complex issues into understandable, actionable ideas. She appears regularly on CNN, CNBC, The NewsHour with Jim Lehrer, Nightly Business Report and Bloomberg Business News. She has been quoted in the financial press, including The Wall Street Journal, New York Times and USA Today.
Ms. Camilli is on the Board of Directors of MassBank Corp., the Money Marketeers of New York University and the National Association of Business Economists (NABE). She is a contributor to Blue Chip Financial Forecasts.
Ms. Camilli is a member of the Financial Women's Association, the New York Women's Bond Club, the Forecasters Club and the New York Association of Business Economists. Her civic activities include serving on the Board of the Epiphany School Foundation.
Annamaria Lusardi
Professor of Economics
Dartmouth College
Professor Lusardi’s main areas of research are saving, Social Security and pensions, and behavioral economics. She is the author of numerous articles analyzing the impact of risk on wealth accumulation, the effects of liquidity constraints on occupational choice, the importance of planning costs, and the effects of financial literacy and financial education on savings and portfolio choice. She has designed questions to measure financial literacy for both U.S. and European surveys. Her research demonstrates financial illiteracy is widespread among workers and is a barrier to saving. She also finds that financial education programs stimulate saving and investment in high-return assets, such as stocks.
Professor Lusardi publishes her research in leading economic journals, such as the Journal of Political Economy and the American Economic Review. In addition, she has written several reports for public policy institutes. She has won numerous research awards. Among them is a research fellowship from the Irving B. Harris Graduate School of Public Policy Studies at the University of Chicago, a faculty fellowship from the John. M. Olin Foundation, and a junior and senior faculty fellowship from Dartmouth College.
Her research has been supported by several institutions, including the National Institute on Aging, the National Science Foundation, the US Department of Labor, TIAA-CREF, and the Social Security Administration via the University of Michigan Retirement Research Center and the Center for Retirement Research at Boston College.
Professor Lusardi received her PhD in economics from Princeton University in 1992. She has taught at the University of Chicago Graduate School of Business and at the Harris School for Public Policy Studies. In addition, she has done consultant work for the U.S. Social Security Administration, the U.S. Bureau of Labor Statistics, the Department of Family and Community Service of the Government of Australia, and the Dutch Central Bank.
Karen Pence
Economist
Federal Reserve Board
Karen Pence is an economist in the Household and Real Estate Finance section of the Federal Reserve Board of Governors in Washington, DC. Her research on household financial decisions has appeared in the Review of Economics and Statistics, the Brookings Papers on Economic Activity, the National Tax Journal, and Contributions to Economic Analysis and Policy. She covers consumer credit for the Federal Reserve, including overseeing its consumer credit and debt service ratio statistical releases. She has a PhD in economics from the University of Wisconsin-Madison and a BA from Swarthmore College.
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